ETHOS LIMITED

Ethos Limited was originally incorporated as Kamla Retail Limited', at Parwanoo, Himachal Pradesh, pursuant to the Certificate of Incorporation dated November 5, 2007. Subsequently, name of the Company was changed to Ethos Limited' and a Revised Certificate of Incorporation was issued by Registrar of Companies, Himachal Pradesh on March 5, 2012. The Company operates a chain of luxury watch boutiques. The business consists of trading of watches, accessories and luxury items, marketing and support services and rendering of related after sale services. The Company has the portfolio of premium and luxury watches in India enabling to retail 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. In addition to premium and luxury watch retail, the Company undertake retail of certified pre-owned luxury watches under Certified Pre-Owned' ('CPO') luxury watch lounge located at New Delhi. The Company business is supported by state of the art service centre which is equipped with latest machinery imported from Switzerland. Its service centre has engaged horological engineers having experience at leading global watch brands. Expert watchmakers at the service centre have certifications from brands like Omega, Tissot, Longines, Rado among other global brands with a minimum work experience of 10 years. Also, the service centre has received authorizations from several leading global watch brands. In January 2003, first luxury retail watch store was opened at Chandigarh by Promoter, KDDL Limited, under the brand name 'ETHOS'. In 2008, KDDL hived off its retail business to the Company to consolidate the business of luxury watch retail for better management. In 2009, the Company inaugurated the opening of retail shop at Indira Gandhi International Airport, in New Delhi. In 2010, Mahen Boutiques Limited amalgamated into Kamla Retail Limited. In 2011, the Company launched its first clock boutique, 'Ethos Westminster' in India at UB City, Bangalore. In 2018, the Company had 2,76000 registered members to its Club Echo. The loyalty programme Club Echo' is a customer relationship management initiative for providing them with a rewarding experience in luxury retail category. Club Echo operates as a dynamic incentive scheme which provides benefits to repeat customers based on their cumulative purchasing over time. In 2019, the Company started pre-owned luxury watch retail business as its flagship store. In 2020, the Company had an extensive network of 50 retail stores locally spread across 17 cities of New Delhi Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, Chandigarh, Ahmedabad, Jaipur, Lucknow, Gurgaon, Guwahati, Ludhiana, Nagpur, Noida, Pune and Thane in India. 50 stores are categorized into 14 Ethos Summit Stores and one Airport store, 15 multi-brand outlets and 10 Ethos Boutiques both housing bridge to luxury and premium brands, 9 luxury segment mono-brand boutiques offering a single luxury watch brand, and 1 CPO luxury watch lounge for pre-owned watches. In 2021, the Company introduced pre-owned watches and started dedicated service of Ethos Watch Care' and collection centre in Delhi. During the year 2022, the Company opened 6 stores including one lounge for Certified Pre-owned watches, resulting this, the total count of stores increased to 50 from 46. During the year 2022, the Company completed Initial Public Offering (IPO) of 45,81,500 equity shares comprising a fresh issue of 42,71,070 equity shares and an offer for sale of 3,10,430 equity shares. In 2023, Company opened 6 new stores and closed 2 under-performing stores and the total count of stores increased to 54 from 50. In 2023-24, the Company opened 10 new stores, while simultaneously closing two underperforming stores. As a result, its total store count increased from 54 to 63. Furthermore, it expanded its presence into 3 cities in Bhubaneswar, Raipur and Mohali) increasing its reach to a total of 24 cities. Company opened 14 new boutiques, expanding the retail presence into 3 new cities, Kochi, Dehradun and Mangaluru in FY 2025.